Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The Hong Kong market continues to underperform as investors focus on semiconductor investments in North Asian markets.  The market continues to trade at a significant valuation discount to other markets.</li>
<li>Dividend yield and value factors have outperformed YTD, while growth stocks have declined the most.  The industrials sector is the best-performing YTD, while tech, healthcare, and consumer sectors decline.</li>
<li>
<a href="https://www.smartkarma.com/entities/dongyue-group-limited" target="_blank" data-smartkarma-citation="entities:20429:1" rel="noopener">Dongyue (189 HK)</a> share price relative to the MSCI All Asia index has broken new highs.  The surge in shares is attributed to President Trump's easing of hydrofluorocarbon (HFC) regulations.
</li>
</ul>


The Hong Kong market continues to underperform as investors focus on semiconductor investments in North Asian markets.  The market continues to trade at a significant valuation discount to other markets.
Dividend yield and value factors have outperformed YTD, while growth stocks have declined the most.  The industrials sector is the best-performing YTD, while tech, healthcare, and consumer sectors decline.

Dongyue (189 HK) share price relative to the MSCI All Asia index has broken new highs.  The surge in shares is attributed to President Trump's easing of hydrofluorocarbon (HFC) regulations.



Technically Speaking Breakouts & Breakdowns - HONG KONG (June 2026)

<ul>
<li>The Hong Kong market has retreated below its support/resistance level of 27100 as investors adopt a risk-off sentiment since the war started 3 weeks ago.</li>
<li>Value and dividend yield have been the best performing investment factors in 2026 YTD.  The energy sector is now up 31% this year.</li>
<li>
<a href="https://www.smartkarma.com/entities/china-risun-group-ltd" target="_blank" data-smartkarma-citation="entities:27956:1" rel="noopener">China Risun Group (1907 HK)</a> , the world's largest independent coking coal producer, saw a breakout for its share price as its hydrogen and chemical businesses benefit from higher prices.
</li>
</ul>


The Hong Kong market has retreated below its support/resistance level of 27100 as investors adopt a risk-off sentiment since the war started 3 weeks ago.
Value and dividend yield have been the best performing investment factors in 2026 YTD.  The energy sector is now up 31% this year.

China Risun Group (1907 HK) , the world's largest independent coking coal producer, saw a breakout for its share price as its hydrogen and chemical businesses benefit from higher prices.



Technically Speaking Breakouts & Breakdowns - HONG KONG (March 20)

<ul>
<li>After breaking resistance in January, the Hong Kong market is rangebound as sector rotation into energy, industrials and financials occurs before the next leg up in its Secular Bull Market.</li>
<li>As the tech and healthcare sectors lose momentum, the value factor has emerged as an outperformer so far in 2026.  </li>
<li>
<a href="https://www.smartkarma.com/entities/kingboard-holdings-ltd" target="_blank" data-smartkarma-citation="entities:8122:1" rel="noopener">Kingboard Holdings (148 HK)</a> broke out to new highs with technical momentum and strength indicators support the move.  
</li>
</ul>


After breaking resistance in January, the Hong Kong market is rangebound as sector rotation into energy, industrials and financials occurs before the next leg up in its Secular Bull Market.
As the tech and healthcare sectors lose momentum, the value factor has emerged as an outperformer so far in 2026.  

Kingboard Holdings (148 HK) broke out to new highs with technical momentum and strength indicators support the move.  



Technically Speaking Breakouts & Breakdowns - HONG KONG (February 13)

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 11th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Smic, Bidu, Hua Hong Semi, Zj Innolight, Xiaomi, Tencent, China Mobile, Innovent Bio, Zijin Mining.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 11th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Smic, Bidu, Hua Hong Semi, Zj Innolight, Xiaomi, Tencent, China Mobile, Innovent Bio, Zijin Mining.


HK Connect Flows Weekly (Sep 11th): Smic, Bidu, Hua Hong Semi, Zj Innolight, Xiaomi, Tencent

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 3rd.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile, Hua Hong Semi, Knowledge Atlas, Xiaomi, Meituan, Ping An.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 3rd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile, Hua Hong Semi, Knowledge Atlas, Xiaomi, Meituan, Ping An.


HK Connect Flows Weekly (Jul 3rd): Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile

China

China Risun Group Ltd. is a leading integrated producer and supplier of coke, coking chemicals, and refined chemicals. The company also offers operation management services to third-party coke and refined chemical producers, with products including crude benzene, methanol, and high-purified hydrogen. It was founded in 1995 and is headquartered in Beijing, People's Republic of China.

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China Risun (1907 HK)

Technically Speaking Breakouts & Breakdowns - HONG KONG (June 2026)

Dongyue (189 HK) share price relative to the MSCI All Asia index has broken new highs. The surge in shares is attributed to President Trump's...

David Mudd

Technically Speaking Breakouts & Breakdowns - HONG KONG (March 20)

The Hong Kong market has retreated below its support/resistance level of 27100 as investors adopt a risk-off sentiment since the war started 3...

David Mudd

Technically Speaking Breakouts & Breakdowns - HONG KONG (February 13)

After breaking resistance in January, the Hong Kong market is rangebound as sector rotation into energy, industrials and financials occurs before...

David Mudd

HK Connect Flows Weekly (Sep 11th): Smic, Bidu, Hua Hong Semi, Zj Innolight, Xiaomi, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Smic, Bidu, Hua Hong Semi, Zj Innolight, Xiaomi, Tencent,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jul 3rd): Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Kingboard Laminates (1888 HK), Smic (981 HK), Alibaba...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)